Top Ten perks of running your own business

August 8, 2017

Picture this. A warm summer’s day and you are sitting out in your garden or on your balcony, tapping away at your keyboard - then opening a celebratory bottle of champagne to mark the closing of yet another business deal. Or in winter time, when the world is rushing around with blank expressions and worn down faces, there you are in a coffee shop with a mug of something delicious, sitting back and pondering your next strategic business move.

As we all know, these scenarios are somewhat romanticised versions of running your own business! There are just as many trials and tribulations as joys and celebrations. That is just the reality of life. If you are considering starting up your own business then you need to carefully weigh up all the pros and cons before making that final decision. But sometimes we need to be reminded of the perks of running your own business: so here are our Top Ten!

1. You are in control

When you run your own business you are the boss. You make all the decisions. No-one tells you what to do: you make your own rules!

2. You create something from scratch

Whatever your line of business - whether it’s computer software, unique clothing, gourmet food or landscape gardening - you are the creator. You get to build your dreams.

3. You help people

A Canadian survey of small businesses found that 96% of small business owners cited helping their customers as one of the top benefits of owning a small business.

4. You could shape the future of the world

If you are starting a business, aim high! Our future world is full of phenomena that currently do not exist. Think of entrepreneurs like Mark Zuckerberg, Steve Jobs and Bill Gates. Whether your business becomes part of the leading edge technology sector, or perhaps operates on a more low key, charitable basis, the power to change is in your hands.

5. You have a more flexible lifestyle

Many small business owners enjoy the privilege of a more flexible lifestyle: working when they want but not when they don’t. No more plucking up the courage to ask for time off for a family event: you’re the boss, you choose.

6. You can work from home

These days, many businesses pay lip service to the concept of working from home but not all of them really mean it. Yes, you can work from home - as long as it is not on a day when they decide they need you to be in the office or at a meeting of covering for someone else. These demands can be short-notice and seemingly random, but can play havoc with your stress levels if you are trying to balance your work life with other commitments such as caring for children or elderly parents or animals or perhaps training for a major sporting event. Running your own business means you can work wherever you choose.

7. You might even get rich

Again, there is a reality check here. Starting a business, and the initial couple of years, is normally very hard work and you may see little return for your efforts. You may well struggle financially and need either to rely on family and friends or take out an unsecured business loan to keep you solvent.

But once your business is firmly established you may then begin to make a decent amount of money and - if everything is in your favour - may even start to get rich. Most small businesses make enough to live on but some could make a fortune. Owning your own business at least opens up the possibility of making more income than you could if you remained as an employee.

8. You choose who you work with

That old phrase about not being able to choose your family but you can choose your friends does ring true when you are running your own business. As your business grows, you can employ whoever you like to work alongside you: the choice is yours and yours alone. Choose wisely and you have the basis of a winning team.

9. You could benefit from tax breaks

There are all kinds of income tax breaks available to those running their own businesses. For example you may be able to hire other family members, split your income in different ways, buy equipment or restructure your home and benefit from tax advantages in doing so.

10. You could be happy

Last but by no means least. How do you feel on Monday morning when it’s time to go back to work after a wonderful weekend? What if that weekend feeling could extend into your working week? Not the chilling out aspect of it but the feeling that it is your time and you are free to use it as you please, knowing that all the effort you put in will ultimately benefit one person. You!

If you have started a business and are ready to grow your business then why not consider an unsecured business loan to get you to that next stage? Get in touch with us at Fair Business Loans to discuss how we can help you to keep enjoying running your own business.